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A Kremlin advisor has put forth a controversial claim, suggesting that the United States is strategically employing stablecoins and gold to devalue its substantial $37 trillion national debt. Anton Kobyakov, an advisor to Russian President Vladimir Putin, articulated this theory at the Eastern Economic Forum, asserting that the U.S. aims to rewrite the rules of global financial markets, including gold and cryptocurrency, to address declining trust in the dollar.
Key Takeaways
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A Russian presidential advisor claims the U.S. is using stablecoins and gold to devalue its $37 trillion debt.
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The advisor suggests this strategy aims to reset the U.S. balance sheet and maintain dollar dominance.
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U.S. officials, conversely, state stablecoins are intended to bolster the dollar's global standing.
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Russia is also developing its own ruble-backed stablecoin.
Allegations of U.S. Debt Devaluation Strategy
Kobyakov posited that the U.S. plans to shift its debt into U.S. dollar stablecoins, a move he believes would effectively devalue these liabilities, allowing the nation to "start from scratch." He drew parallels to historical U.S. financial strategies in the 1930s and 1970s, suggesting a pattern of solving domestic financial issues at the expense of the global community, now through the "crypto cloud."
As an example of this alleged strategy, Kobyakov referenced Senator Cynthia Lummis's proposed Bitcoin Act. This legislation suggests the U.S. government could purchase 1 million Bitcoin over five years and hold it for two decades, potentially using it to retire federal debt. Kobyakov argued this could allow Washington to reset its balance sheet, though the technical implementation remains unclear.
U.S. Perspective on Stablecoins
In contrast to Kobyakov's claims, U.S. officials view stablecoins as a tool to preserve the U.S. dollar's status as the world's dominant currency. Treasury Secretary Scott Bessent stated in March that stablecoins would be used for this purpose. Former House Speaker Paul Ryan echoed this sentiment in July 2024, suggesting that dollar-backed stablecoins could increase demand for U.S. debt instruments, thereby reducing the risk of failed debt auctions and potential crises.
President Donald Trump's signing of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) into law in July further underscores the U.S. focus on regulating and leveraging stablecoins for national economic interests.
Russia's Own Stablecoin Initiatives
Meanwhile, Russia is also pursuing its own digital currency initiatives. State media reported in June that a new ruble-backed stablecoin, named A7A5, is under development and slated to launch on the Tron blockchain. This move appears to be part of Russia's effort to reduce its reliance on U.S. dollar-backed stablecoins like Tether (USDT), which it has utilized for oil trade settlements with countries like China and India. Despite a ban on crypto payments in 2022, Russia has shown increasing openness to the crypto sector, permitting financial institutions to offer crypto-based products to accredited investors.
Sources
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Putin Advisor Says US Is Using Stablecoins To Devalue Its $37 Trillion Debt, Cointelegraph.
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Putin Adviser Claims US Using Stablecoins and Gold to Reduce $37 T…, CoinChapter.
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Putin Adviser Warns US Uses Stablecoins And Gold To Devalue $37T Debt, Menafn.com.
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